Australia Retail

Australia: Retail sales hit 3-month low in November

January 9, 2015

Nominal retail sales rose 0.1% in November over the previous month in seasonally-adjusted terms, which was below the 0.4% increase recorded in October and marked a three month low. The result undershot market expectations of a 0.2% rise.

On a year-on-year basis, the pace of growth in retail sales decelerated from the 6.3% increase tallied in October to a 4.1% rise in November. In addition, annual average growth in retail sales declined from October’s 5.5% to 5.4% in November.

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Seasonally-adjusted employment increased by 16,000 jobs in January compared to the prior month, down from the previous month’s revised increase of 33,500 (previously reported: +34,700) but still overshooting market analysts’ expectations for a 15,000 gain.

The business confidence index produced by the National Australia Bank (NAB) climbed to 12 points in January, the highest reading since April 2017, from December’s revised 10 points (previously reported: +11 points).